This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Liberty Property Trust CEO Discusses Q2 Results - Earnings Call Transcript

We are currently working with a larger potential built-to-suit pipeline than any time in the last five years. The net result is we are worried about the general economic landscape, but the potential was stalled (Inaudible), and at the same time we are extremely busy and energized by the prospects of organic growth development and increased market share for Liberty.

With that, let me now turn it over to George.

George Alburger

Thank you, Bill. FFO for the second quarter of 2012 was $0.63 per share. The operating results for the quarter include $700,000 in lease termination fees. Our guidance for the year is that lease termination fees will be in the $0.04 to $0.06 per share range.

On April 3 rd, we closed the large sales transaction that we originally provided color on during December's earnings guidance call. This was $495 million. In addition to this sale during the quarter, we sold five additional properties for $14 million.

During the quarter, we acquired three industrial properties and one office property for $29 million. The projected stabilized yield on this investment is 8.2%. Mike will provide color on these acquisitions and on the sales.

During the quarter, we brought into service one development property with an investment of $6.6 million and we started three properties which have a projected investment of $23.5 million. As of June 30, our committed investment in development properties is $310 million and the projected yield on this investment is 9.9%.

Our development pipeline was zero at September 30, 2010. We have now built a development pipeline to $310 million. This quarter's delivery of a development property into service is the first delivery from this new development pipeline. Our last delivery was in the third quarter of 2010. As you can see from a review of the development schedule that's in our supplemental package, there are now projected development completions for five of the next six quarters.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs